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Thursday, May 23, 2024

Financial service centre to be established in Vic Falls

Story by Tichaona Kurewa

PLANS are in motion to establish an international finance centre in the resort city of Victoria Falls, with study tours to several countries lined up.

The Victoria Falls Stock Exchange (VFEX) has to date attracted 15 counters, a feat which has excited government and other stakeholders.

The listings are drawn from various stakeholders of the economy, including mining, agriculture and manufacturing.

VFEX is now making strides towards product diversification to further expand its growth and justify its existence, with the government having budgeted US$3 million for the programme this year.

“The Government is committed to the international finance centre and work has started in earnest to get that established. We are confident that by the end of this year, we should have the financial services centre in Victoria Falls,” said the Zimbabwe Stock Exchange, chief executive officer, Mr Justin Bgoni.

Tours to countries with established international finance centres such as Rwanda and Kazakhstan are on the cards.

“There will be tours to countries with established international financial service centres and we are confident that by the end of the year, we should have a financial service centre in Victoria Falls,” added Mr Bgoni.

Product diversification is expected to be increased at the VFEX through the listing of new products such as Real Estate Investment Trust, exchange-traded funds, fixed-income instruments, carbon credits and the introduction of the commodities exchange.

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